BA RIA – VUNG TAU — Vina Kyoei Steel announced the imminent construction of its US$220 million steel plant in the southern province of Ba Ria – Vung Tau this month.
Located in Phu My 1 Industrial Zone, Tan Thanh District, the plant is slated for completion by the end of next year, providing 500,000 tonnes of steel annually, the company told Thoi bao kinh te Sai Gon.
Earlier, the Viet Nam Steel Association forecast that there would be an oversupply of 3 million tonnes of steel this year.
The country's steel plants currently has a total capacity of 9.2 million tonnes a year while steel consumption this year is expected to reach only 6 million tonnes, it said. — VNS